Mumbai: The rupee appreciated on Friday, supported by the dollar’s weakness against the yen and firm stock markets, but demand for the US currency from importers kept a lid on the rise.
At 10:20am, the partially convertible rupee was at Rs48.73/74 per dollar, off an early high of Rs48.68, and stronger than Thursday’s close of Rs48.77/78. “I see the rupee in a Rs48.62 and Rs48.75 range,” a state-run bank trader said.
The dollar fell against the yen in cautious trade before key jobs data that is expected to paint an even bleaker picture of the US labour market.
“The stock market is up, but I don’t see much of an appreciation for the rupee because there is continuous corporate demand,” Paresh Nayar, chief forex dealer at Development Credit Bank, said.
The BSE Sensex index rose more than 1% in early trade, tracking stronger Asian and US equity markets, as investors awaited a vote on a massive US stimulus package.
Source:lIVEMINT
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